The market cap of Tether’s stablecoin USDT has surpassed $115 billion.
According to X is somewhat ambiguous. mail By CEO Paolo Ardoino, Tether’s stablecoin USDT (USDT) has reached a significant milestone, surpassing $115 billion in market cap. This achievement confirms USDT’s dominance in the stablecoin market, where it has accounted for over 70% of the market for almost a year.
Recent data indicates that the market cap of USDT has grown by over $1 billion in the past week, coinciding with the current Bitcoin (BTC) price recovery at $60,200.
Tether’s market cap surpassing $115 billion is significant because it shows how popular USDT has become in crypto. A market cap of this size means that a large number of people trust and use the stablecoin Tether, which is designed to maintain a stable value, unlike more volatile cryptocurrencies like Bitcoin.
“USDT’s recent surge to a market cap of $115 billion underscores its growing adoption as the ‘digital dollar of choice’ for a wide range of transactions and use cases beyond just cryptocurrency trading,” Ardoino said in a statement obtained by crypto.news. “We are witnessing a shift in how digital assets are used, with USDT increasingly acting as an alternative to traditional checking and savings accounts, especially in emerging markets struggling with currency devaluation.”
Tether has seen significant growth over the past year, with its market cap increasing by more than 40% since September 2023, as the chart below shows.
This stability makes USDT a popular choice for trading and holding value in the cryptocurrency market. The growth also highlights the growing role of stablecoins in the broader financial system, providing a reliable bridge between traditional money and digital currencies.
Lookonchain Blockchain Analyst Reported $1.3 billion USDT has been moved to centralized exchanges like Kraken, OKX, and Coinbase amid a broader bullish trend in the cryptocurrency market.
Tether Transparency Page Reveals Over 90% of the USDT supply is on either the Tron (TRX) or Ethereum (ETH) networks.
Tether’s growth comes with some scrutiny
Tether has faced scrutiny over the misuse of USDT by sanctioned entities and illicit activities. Some traditional financial institutions claim that if demand for cryptocurrencies weakens, the supply of Tether could be at risk.
In response to concerns about abuse, Tether has begun partnering with Chainalysis to monitor USDT activity on secondary markets. This aims to improve transparency and security by identifying wallets associated with illicit activity or sanctioned addresses.
Tether’s Latest Blockchain Partnership
Tether recently announced a partnership to promote blockchain education across five universities in Ivory Coast, including the University of Felix Houphouët-Boigny and the National Polytechnic Institute Felix Houphouët-Boigny.
Through its Tether Edu unit, Tether will support programs focused on blockchain technology, cryptocurrencies, and smart contracts, aiming to provide students with practical skills relevant to sectors such as healthcare, finance, digital identity, and supply chain management.
Comments are closed, but trackbacks and pingbacks are open.